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NNPC Denies Plans To Increase Fuel Price

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The Nigerian National Petroleum Corporation (NNPC) has denied reports of plans to increase fuel price.

This is coming on the heels of a report which says because of forex scarcity, the NNPC may increase fuel price.

Reacting to the report, NNPC Group Managing Director, Maikanti Baru after a closed door meeting with President Muhammadu Buhari at the Presidential Villa, said he is not aware of any plan to increase the price of petrol.

He noted that so far all the demands for forex for importation of petrol has been met adding that over 1.4 billion litres of petrol is on ground.

He said, “I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body.

“I’m not aware that they are planning to do any increase, you know there are several factors that necessitated that especially the issue of exchange rate that has moved and we don’t expect any serious changes.

“So far the request for forex for importation of gasoline popularly called petrol has been met, and our own supply situation is robust, we are meeting demands. We have over 1.4 billion liters on ground.

“So I don’t see any basis for increase however, the review could be done by the right body, you should contact PPPRA, that is the regulatory body as far as petrol pricing is concern,” He said.

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